Mushair

Mushair is 25 years old, single and living with his family. He put a lot of effort into finishing his secondary school education but could not go ahead to university due to the inaffordable high expenses related to studying.
Like any youth, Mushair dreams of a better future and brighter world to surround him, but life in Yemen where he lives is full of challenges and difficulties. Mushair came to think that the only way to secure his future was to establish his own micro-enterprise. With the help of his family and some friends he was able to start a grocery business in his neighborhood.
Mushair took his first loan from Kiva partner AMB and successfully repaid all the installments when he started his business. This time, Mushair is taking his second loan of 100,000 YER from AMB in order to purchase grocery items and other goods required by his customers.
With the help of his grocery income, Mushair has been able to contribute to improving his family's living conditions. In the future, he hopes to expand his business and to save regularly for marriage.

Additional Information

About Al-Amal Microfinance Bank

Al-Amal reaches out to low-income micro-entrepreneurs and small business owners in Yemen with a suite of credit, savings, and insurance products tailored for Muslim borrowers. Before lending through Al-Amal, please consider the following:

1) Due to ongoing security concerns, full due-diligence of Al-Amal was conducted remotely rather than on-site. This makes Al-Amal atypical among Kiva's Field Partners, as Kiva staff have not conducted an on-site assessment. Al-Amal's assessment included in-person meetings with the top management in other, more secure locations in the Middle East.

2) Because Yemen is a new and unstable environment, there is a possibility that future loan repayments could be held indefinitely in the country for regulatory reasons, even if individual borrowers pay back their loans. As a lender to borrowers in Yemen, you accept this additional risk.

Additionally, all of Al-Amal's products are Sharia compliant and customized for its Muslim clients. Most of the loans are structured as Murabaha interest free loans. Al-Amal purchases goods for its borrowers and charges them a markup or fee. Al-Amal is also experimenting with Ijarah loans (an Islamic leasing product). For more information on Islamic microfinance, please click here.